1 20 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 30 31 32 33 34 35 36 37 Moving to another question will save this response. Question 9 At the end of a reporting period, how are revenues and expenses reflected on the balance sheet? a. They increase or decrease the common stock account. b. They increase or decrease the cash account. c. They increase or decrease retained earnings via the retained earnings equation. d. They are reported as net income. A Moving to another question will save this response. MacBook Air i 30 31 32 33 34 35 36 37 > A Moving to another question will save this response. Question 7 When a transaction increases retained earnings, what is a possible offsetting entry? O a. A decrease in an asset account. O b. An increase in an asset account O c. An increase in a liability account O d. An increase in dividends. A Moving to another question will save this response. Moving to another question will save this response. Question 4 Gross profit equals: O a. Revenue - cost of goods sold. O b. Revenue - total expenses. O c. Revenue - inventory expense. O d. Revenue - supplies expense. A Moving to another question will save this response. MacBook Air Question Completion Status: 1 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 30 31 32 33 34 35 36 37 A Moving to another question will save this response. Question 8 A transaction causes the cash account to increase. What else could be happening in this transaction? a. The prepaid insurance account increases. b. The interest payable account decreases. Either a orb could occur. Kudi Neither a nor b could occur. A Moving to another question will save this response. MacBook Air eu lest has a ume limit of 1 hour and 15 minutes. This test will save and submit automatically when the time expires. Warnings appear when half the time, 5 minutes, 1 minute, and 30 seconds remain. Multiple Attempts Not allowed. This test can only be taken once. Force Completion This test can be saved and resumed at any point until time has expired. The time will continue to run if you leave the test. Your answers are saved automatically. Remaining Time: 1 hour, 13 minutes, 59 seconds. Question Completion Status: 1 2 5 6 7 8 3 4 32 33 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 30 31 26 27 28 29 34 35 36 37 L A Moving to another question will save this response. Question 12 of 37 >>> Question 12 3 points Save Answer ABC Corporation began operations on Sept. 1 by purchasing $3,000 of inventory and $600 of cleaning supplies. During the month, the company recorded $4,500 of sales revenue. On Sept. 30, the company had $1,200 of inventory remaining, along with $400 of cleaning supplies. What was ABC Corporation's gross profit for the month of September? (Enter your answer in numeric digits only, no dollar sign or comma.) A Moving to another question will save this response. Question 12 of 37 MacBook Air 20 DOO 000 F4 II 4) F2 F3 F5 F6 412 F7 FB F9 F10 FW